Which is better: Closing out credit cards due to financial hardship?
I dont know that the credit card issuers will let you close them out due to financial hardship but its worth a try. Its unlikely to succeed but if youre lucky it will only stay on your credit report for 6 years. Learn from this and use credit more responsibly in the future but you wont get credit from any insurer who writes your debt off. They dont forget. Bankruptcy, a very difficult decision to opt for, stays on your credit report for 10 years. There are some legal costs to do this. Its not to be taken likely.